The tax code is complex, and not just for the rich.
But it’s also a source of tax revenue that could be saved, according to the chief economist at the Tax Policy Center.
“Trump’s tax plan is one of the least expensive tax plans in modern history, even as it does not add anything to the deficit,” Roberton Williams, the center’s director, said in a statement.
“But it does add a significant amount to the federal debt.
The tax plan provides a significant incentive for investors to buy homes in the United States, and in doing so helps the federal government reduce the deficit.”
The Tax Policy Centre, which advocates for the interests of wealthy Americans, is the nation’s leading research center on tax policy.
Trump has proposed a tax overhaul that would cut the corporate tax rate from 35 percent to 15 percent and slash the top marginal rate to 39.6 percent.
In his speech at the White House, Trump pledged to double the amount of money the government spends on public schools and other public services.
Critics have called his plan a giveaway to the wealthy and a giveaway for corporations.
A majority of Americans support the president’s plan, but the Tax Foundation, a nonpartisan research group, estimated that Trump’s plan would reduce the federal deficit by $1.9 trillion over the next decade.
President Trump speaks to the crowd at the inauguration of a new federal monument to the Confederacy in the Capitol Rotunda in Washington, Tuesday, Jan. 20, 2021.
Trump says the monument will be dedicated in honor of “the victims of the Civil War, and the Confederacy.”
(AP Photo/Evan Vucci)President Trump attends the swearing-in ceremony of the Federal Emergency Management Agency (FEMA) administrator.
Scott Applewhite)President Donald Trump announces a plan to boost the nation in the fight against terrorism in the Rose Garden of the White Senate in Washington.
Republican House Speaker Paul Ryan is flanked by House Majority Leader Kevin McCarthy and Senate Majority Leader Mitch McConnell, Thursday, March 6, 2021, in Washington D.C. The House is scheduled to vote on a measure to authorize $1 trillion in aid for the United Nations and the World Bank.
The Senate is expected to vote later this week.
(Charles Dharapak/AP)President Andrew Puzder serves as chairman of the board of directors for the U.S. Conference of Mayors.
(Kevin Lamarque/Reuters)President and CEO of McDonald’s Restaurants, and billionaire investor Carl Icahn, speaks at the opening of the “America’s Next Big Thing” Summit in Las Vegas, Nevada, Tuesday.
Carl Icahn speaks to reporters after attending the opening ceremony of “America, The Ultimate Meal Plan” in Las and the “Food Network Star” in San Diego, California, Wednesday, June 17, 2021.(AP Photo / Kevin Lamarque)Presidential hopeful Donald Trump speaks at a news conference in Washington on Feb. 12, 2021 in Washington DC.
Trump has proposed slashing the corporate rate to 15 per cent and reducing the top federal income tax rate to 35 percent.
(Jim Watson/Getty Images)PresidentDonald Trump speaks with reporters at the “Women, Business & Military Summit” in New York on Tuesday.
Trump is proposing slashing the top personal tax rate by two-thirds, and proposing an increase in the top corporate rate from 15 to 25 percent.
The plan is also expected to slash other taxes, such as the estate tax and state and local taxes.
House Speaker Paul D. Ryan (R-Wis.) listens to U.N. Secretary-General Antonio Guterres (R) during a joint news conference at the United Nation headquarters in New Geneva, Switzerland, Tuesday March 5, 2021 after a meeting of the Security Council on Syria.
(Pool Photo by Olivier Douliery/Pool via Bloomberg)President Barack Obama and Republican challenger Mitt Romney shake hands after the presidential debate in Hempstead, N.Y., Tuesday, Nov. 2, 2016.
Obama’s campaign released a new ad that shows Romney in a bikini and a red jumpsuit with a black mask.
(Brendan Smialowski/AFP via Getty Images)U.S., U.K. and European leaders at the European Council meeting in Brussels on Feb 18, 2020.
(Adrian Dennis/Pool by AP)U and E NATO Secretary General Jens Stoltenberg speaks to members of the media as he arrives at a meeting at the NATO headquarters in Brussels, Belgium, Monday, June 20, 2020.(AP photo by Michael Dalder)U, E and NATO Secretary- General Jost Stolte speaks to media as they arrive at a NATO headquarters on June 20 in Brussels.(Photo by Michael Kaluta/Pool/Reuters; European Council via Getty)U., E and U. S. President Donald Trump hold a joint press conference at Trump Tower in New